Take the Teen Money Challenge !

This conversation, with slight modifications, can be heard in households with teens everywhere.

And "this, that, and the other thing expenses" are coming. . .

How can you use this to your advantage? (be sure to read all the way to the bottom for a mock-agreement you can adapt)

Do The Parent Mental Money Flip and Take The Challenge

Actually, spending can bring opportunity.  Perhaps they have a job. Perhaps they have an allowance for doing things around the house. Perhaps none of these applies and you have them do things around the house but choose to give them spending money as needed.

Regardless of how you handle money with your teen, you have a great opening to get money management skills introduced to your teen.

Just do a mental money flip on your parent approach.

The Quick-Step Parent-Teen Money Plan

Basically, that’s it.  Just outline what you (and your teen) expect out of the money that can flow through their hands.  You might be thinking that Step 3 is the only step that you need to include, but if you and your teen don’t come to terms with what the money is to cover that they currently earn for themselves, then Step 3 where you give them money to cover items that you normally would spend on their behalf can become a challenge. They might shift their own money to something else, and then expect your Step 3 money to cover what is supposed to be covered by their own “outside/earned” money.   Defining all 3 income possibilities and what each is to cover, might save confusion potential “discussions” down the spending road.

Note:  To get your teen's buy-in, be sure to include them in the crafting of this plan.  

Your agreement could look something like this:

Money Plan

             $______ per week/month for entertainment 

             $______ per week/month for clothing

             $______ per week/month for ________________ 

Of course, your money plan can be constructed with all the nuances and changes you’d like.  But, wow, what an opportunity you have. 

Give us a shout and let us know how it goes.  We know that the seasons and time you have with your precious teen grow short, and ways to teach them get a bit more challenging. 

We love this method because it blends in gradually (money management) and the appealing nature of giving them more financial responsibility and freedom, with what will happen when they fly the coop after high school graduation and have to carry the whole financial enchilada.

Have a GREAT week and 

                  YES, You CAN Have Success in the Middle of it ALL

Pam and Holly

Extra Teaching Ideas:
What are some of those bigger nuggets to teach your child before they fly? Here are 8 we feel are important.